Exchange of Rs 2000 Notes Begin, Chaos in Several Bank Branches

NEW DELHI: Following the announcement of the central government, the exchange of the Rs 2000 currency notes have begun across the country and will continue till September 30. As per the announcement, it was expected to be a simple procedure and citizens could directly walk in and exchange the same for currency with smaller denominations. But on the ground, the reality is very different and there are huge confusions regarding the same.

Banks in several parts of the country, including the capital city New Delhi saw long queues of citizens waiting to exchange their notes leading to chaos at several locations. Chaos and confusion over the move also led to conflicts at several places.

Although the Reserve Bank of India had mentioned that the currency notes will remain to be in use as legal tender, the public complained that a large number of businesses denied accepting the same for the necessary payments and asked that they paid the same with other notes or via digital methods, forcing them to visit the banks to either exchange or to deposit the same.

The apex monetary regulatory body had asked the banks to chalk out their own strategies to help facilitate the smooth conduct of the exchange of the currency. But ample steps have not been implemented in this direction. While it was mentioned that the exchanges will be facilitated without any documents, several branches of multiple banks have denied the same. While some demanded identity proofs to felicitate the exchange, some others asked for the customers to deposit the money in their accounts and then withdraw.

These caused conflicts in some places as well as long queues in many more. The situation reminded many people about the problems during the demonetisation phase and no one wants to take the risk. It remains to see how long the governing bodies come up with concrete steps to help with the same.

Also Read: Reserve Bank of India (RBI) to withdraw Rs 2,000 currency notes

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